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Academic Questions in JAMB
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26. Which of the following is NOT a form of Business Organization?
27. As consumption of beer increases, its marginal utility to a drinker will _____.
28. Which of the following sectors of the economy is estimated to be the largest employer of labour in the country?
29. The expression “Terms of Trade” is used to describe _____.
30. If the demand for a product with a perfectly elastic supply increases, there will be _____.
31. Which of these would NOT be included in the fundamental principles of a free enterprise economy?
32. Economics is called a social science because it is _____.
33. Opportunity cost is a term which describes _____.
34. If consumer’s demand for product X increases as the price of product Y decreases, we can be fairly certain that _____.
35. Which of the following items in the Balance of Payments Account is an invincible transaction?
36. Which of the following is a term used to describe a payment representing a surplus in excess of transfer cost?
37. Less developed countries obtain foreign exchange reserves mainly from the export of _____.
38. By “Trade by Barter”, we mean _____.
39. In order to build up its capital stock, the typical less developed country should ideally _____.
40. Which of the following is an advantage of the sole proprietorship?
41. Which of these should determine in, in a planned economy, how the factors of production are to be allocated among different production activities?
42. Which of the following activities of government precludes the existence of a market economy?
43. Which of the following is NOT strictly included in the study of economics?
44. Which of these would NOT increase the population of a country?
45. The optimum population of a country is reached when _____.
46. In economics, production is complete when _____.
47. A rational consumer will adjust his spending pattern so that _____.
48. Bond holders are treated more favourably than shareholders because _____.
49. If P = Price and Q = Quantity: The numerical measure of elasticity is:
% change in P
change in P
% change in Q
change in Q
change in P
.1. C 2. C 3. B 4. B 5. C 6. B 7. C 8. D 9. B 10. E
11. C 12. B 13. B 14. D 15. A 16. B 17. B 18. A 19. B 20. E
21. E 22. C 23. A 24. B 25. D 26. B 27. D 28. B 29. D 30. B
31. D 32. B 33. B 34. A 35. D 36. C 37. D 38. D 39. A 40. C
41. C 42. C 43. C 44. A 45. B 46. E 47. C 48. E 49. A
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